Interesting home-buying data

Those who follow real estate keep hearing about the “affordability index” and how this is the best time to buy in two generations.

Some data out this week lends more insight.

Reports show the average monthly mortgage bill is down to $616 a month nationwide (principal and interest on a 30-year mortgage), making it cheaper to buy than rent (it’s more of a wash in Savannah when you figure in taxes and insurance; the rental average here is near $800).

With the median price of homes hovering near $150,000 across the country – the local average is closer to $120,000 – and rates near 3.8 percent on a 30-year loan, it’s clear why many in the industry expect a busy spring.

That’s assuming you can qualify for a loan, of course. Lending conditions remain tight, although those with respectable credit scores (650 and up) should find financing.

Judging by the new “For Sale” signs in my Wilmington Island neighborhood, sellers think they’ll be able to move their property this spring. And we’re not talking vacant fixer-uppers either. The list prices on most raised my eyebrows. It will be interesting some September to see how many still have the Realtor signs out front.

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